South Carolina VA Mortgage Loans

South Carolina VA Mortgage Loans

In South Carolina, many veterans are taking advantage of the VA home loan program as an affordable way to finance their home. Getting a South Carolina VA loan has many advantages, but two of the most popular features with the VA loan program are that you can finance up to 100% of the property value and avoid paying monthly mortgage insurance – it is not required on VA loans. Not only are VA loans popular for buying a home for their no down payment required and no mortgage insurance – they are also popular because it is simple to refinance when the time is right with the VA streamline refinance program.

Most people are aware that the VA isn’t actually a lender – they only insure your loan. Should you default, the VA steps in and the lender who lent you money gets paid. Because of the VA insuring against loss, lenders are generally eager to lend money to veterans for VA insured loans.

South Carolina VA Loan Highlights

• All closing costs can be rolled into the loan with a VA loan
• VA loans do not require that you pay monthly mortgage insurance
• A one-time funding fee is charged on all VA loans – unless you are at least 20% disabled
• Prepay penalties not allowed on VA loans
• Possible to get 100% financing with VA loans

South Carolina VA Loan Certificate of Eligibility

In order to qualify for a VA loan, the first step is to prove that you are eligible under the VA guidelines. To prove your eligibility, make sure that you have your Certificate of Eligibility from the VA and present it to the lender. If you are unsure how to obtain your Certificate of Eligibility, your loan officer should be able to help.

South Carolina VA Streamline Refinance Program

For people who are currently in a VA loan, the South Carolina VA streamline refinance can help them refinance without having to completely re-qualify for a new loan. With the South Carolina VA streamline refinance, you can lower your monthly payment and interest rate with no out of pocket expenses. The VA streamline is easy by design – the intent is to just help people lower their monthly mortgage payments.

South Carolina VA Mortgage Loan Experts: Contact Us

For more information about the VA loan program, you can contact us directly either by phone or email. We would be happy to answer any questions that you may have!